India, UAE ink 13 pacts, no talks on $75-bn investment
BILATERAL TIES Prime Minister points to stability and prosperity that the two nations can bring in trade, security, energy and defence
NEW DELHI : India and the United Arab Emirates (UAE) made a strong bid at consolidating their growing ties with a comprehensive strategic partnership and another 13 pacts in key areas such as defence, security, trade and energy on Wednesday.
However, the much-anticipated pact pertaining to the $75 billion investment fund for infrastructure development in the country, was not among the agreements signed after talks between Prime Minister Narendra Modi and Crown Prince of Abu Dhabi, Sheikh Mohammed bin Zayed Al Nahyan.
Al Nahyan, who is accompanied by a high-level delegation comprising ministers, senior officials and business leaders will be the chief guest at the Republic Day parade on Thursday.
“We have shaped an ambitious roadmap of engagement to make our comprehensive strategic partnership purposeful and action oriented. The agreement that was exchanged just now has institutionalised this understanding,” Modi said.
He also said convergence between the two countries can help stabilise the region and the economic partnership can be a source of regional and global prosperity.
“Our shared concern on growing threat from radicalism and terrorism to the safety and security of our people is shaping our cooperation in this space,” Modi said. He added that bilateral cooperation stands poised for a major take off.
However, the two sides did not sign a pact pertaining to a $75 billion investment.
“During the visit, we are hoping to sign an MoU between their investment fund and our National Infrastructure Investment Fund (NIIF)” which will put in place a framework as to how the fund will be administered and which sectors it can be invested in,” Shaktikanta Das, secretary, economic affairs, external affairs ministry said.
The two nations however, did sign a strategic oil pact. India began talks to lease part of its strategic storage to Abu Dhabi National Oil Company (ADNOC). Under the proposed dea, India would have first rights to the stored crude in case of an emergency, while ADNOC would be able to move cargoes to meet any shift in demand.
The deal was signed by oil minister Dharmendra Pradhan and a representative of ADNOC after a meeting between Prime Minister Narendra Modi and Abu Dhabi’s Crown Prince.